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Budget News

  • China Stocks gain 0.8%
  • June 22,2021  16:24
  • The Mainland China share market finished session higher on Tuesday, 22 June 2021, as investors cheered the government's latest reform measures for the banks. However, market gains capped due to weakness in digital currency-related firms amid regulatory curbs.

    At closing bell, the benchmark Shanghai Composite Index was up 0.8%, or 28.23 points, to 3,557.41. The Shenzhen Composite Index, which tracks stocks on China's second exchange, added 0.51%, or 12.22 points, to 2,408.41. The blue-chip CSI300 index advanced 0.62%, or 31.77 points, to 5,122.16.

    The best performing sectors in the Shanghai Stock Exchange were Construction Machinery (up 10.4%), New Energy Power (up 7.6%), Financial Exchanges & Data (up 5.7%), Auto Dealers & Auto Services (up 5.6%), and Health Care Services (up 5.5%), while the worst performing sectors were Hotels (down 3.5%), Non metalMining & Products (down 2.8%), Oil & Gas Storage & Transportation (down 2.6%), Real Estate Management & Services (down 2.1%), and Hypermarkets & Super Centers (down 2%).

    The best performing sectors in the Shenzhen Stock Exchange were Farm Machinery (up 11.4%), Tires (up 5.7%), Soft Drinks (up 5.7%), Health Care Facilities (up 4.9%), and Oil & Gas Equipment & Services (up 4.9%), while the worst performing sectors were Internet Retail (down 2.4%), Communication Terminal Equipment (down 2.2%), Industrial Conglomerates (down 2%), Household Products (down 1.6%), and Logistics (down 1.5%).

    China government's allowed banks to set ceilings on deposit rates by adding basis points to the benchmark rate, a shift from the previous practice of multiplying the benchmark rate, which will help ease pressure on banks' funding costs.

    CURRENCY NEWS: China yuan steadied against the dollar on Tuesday despite weaker mid-point fixing by central bank, as the resurgent dollar paused ahead of the U.S. Federal Reserve chairman's testimony to Congress. Prior to the market opening, the People's Bank of China (PBOC) set the midpoint rate CNY=PBOC at 6.4613 per dollar, 0.1% weaker than the previous fix of 6.4546. In the spot market, onshore yuan CNY=CFXS was at 6.4653, unchanged from the previous late session close.

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